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Turkish government proposes new tax amnesty

19 June 2013

On 24 April the Turkish government submitted a bill to the Grand National Assembly (parliament), proposing a tax amnesty that would allow taxpayers to declare offshore assets and pay a two per cent tax. Turkey’s normal individual tax rates range from 15 per cent to 35 per cent.

The government hopes to tap into an estimated $130bn in untaxed assets hidden offshore by Turkish taxpayers. The larger hope is that through an influx of Turkish-owned capital, Turkey could rely more heavily on domestic money, rather than international assistance, to lift the economy. Prime minister Recep Tayyip Erdogan has said he wants to accelerate economic growth to around four per cent this year after hitting 2.2 per cent last year. But with foreign direct investment falling by 23 per cent in 2012, according to statistics from the Ministry of Economy, the government is eager to find new sources of revenue…

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